Platinum’s services include business architecture, information management, risk and compliance to customers such as CBA, ANZ and Lloyds.
Tripoint would form a new division called Tripoint Financial Services under the leadership of Platinum’s managing director Phil McFarlane who has also become an equity partner.
Vaughan Stibbard, managing director at Tripoint, told CRN that the company announced at the beginning of the financial year that it wanted to accelerate growth in vertical markets.
“These guys contacted me in October, November last year. When we looked at it, it met the SAP space requirements and financial services with Oracle’s core banking sector."
Traditionally a cross industry integrator, Tripoint specialises in ERP integration with SAP and Oracle Peoplesoft.
Other vendor partners included SAP, Oracle, Cisco, EMC, Hewlett Packard, IBM, Microsoft and VMware. Customers included AMP, Wesfarmers, ASX, Suncorp and the Reserve Bank of Australia.
Platinum Insight’s application capabilities include Oracle, MISYS, SAP Financial and SAP and Fidelity Solutions.
“We’ll now increase our focus on the financial services sector by offering a combined service of deep financial-services business domain expertise coupled with Tripoint's already extensive experience in implementing strategic technology solutions,” Stibbard said.
Tripoint claimed all Platinum staff would transition into the Tripoint's head office in Melbourne and offices in Sydney and Singapore.
Tripoint expected to achieve revenue growth of 20 percent per annum with continued expansion both in Australia and via the company’s south-east Asia operations based out of Singapore.
The buy price was not disclosed but Stibbard said Tripoint reported $3.2 million in revenue last year.